INS Karma is a dedicated base for Marine Commandos (MARCOS), which is a Special Operation Forces of Indian Navy.

INS Karna is located on the premises of INS Kalinga near Bhimili.

Captain Varun Singh will be the Commanding Officer of INS Karna.

6. SBI signs MoU with IIT Bombay to promote startups:

India’s top public sector bank, State Bank of India (SBI), has signed a memorandum of understanding (MoU) with the Indian Institute of Technology Society for Innovation and Entrepreneurship (SINE), (IIT) Bombay’s technology business incubator, to promote innovation by startups in the financial sector.

As per the MoU, both the parties will identify FinTech startups that have products or applications to cater to the financial sector and can help SBI explore opportunities to enhance the synergy for their banking services.

SBI will provide a platform for testing/ piloting such products/applications and maybe also check for any specific business linkages. This MoU also aims to help evaluate startups operating out of SINE or those being promoted by SINE for early stage funding within the bank’s norms.

7. "Ringside With Vijender" authored by Rudraneil Sengupta released:

The book titled Ringside With Vijender authored by Rudraneil Sengupta released on 8 July 2016.

The book, published by Juggernaut Books, throws light on the Beijing Olympics bronze medallist boxer Vijender Singh's life post his transition to the world of pro boxing.

The book also deals with the boxer’s sudden decision to turn pro just an year ahead of the Rio Olympics. It also offers an insight into his struggles, changes in his boxing style, training and his personal life.

8. K V R Murthy new CMD of Jute Corporation:

K V R Murthy has taken over as chairman-cum-managing director of the Jute Corporation of India Limited from July 2.

His appointment is for a period of five years or till the date of his superannuation

The Jute Corporation of India Ltd. (JCI) is based in Kolkata, is an agency of the government of India that assists jute cultivators in states where this crop is grown, providing minimum price support.

9. Permanent Court of Arbitration ruled in favor of The Philippines on South China Sea:

The Hague-based Permanent Court of Arbitration (PCA) on 12 July 2016 ruled in favor of the Philippines in a maritime dispute on South China Sea.

The tribunal concluded that China do not have legal basis to claim historic rights to the bulk of the Sea.

10. IDFC Bank acquires Grama Vidiyal:

IDFC Bank has announced it had acquired Tamil Nadu-headquartered microfinance institution Grama Vidiyal in an all-cash deal.

The company did not disclose the deal size.

The acquisition gives IDFC Bank access to Grama Vidiyal’s 12 lakh customers across seven States, besides giving it 319 branches across 65 districts in these States. The bank has obtained in-principle approval from the Reserve Bank of India for the deal.

11. HDFC to sell masala bonds:

Housing Development Finance Corp (HDFC) is set to become the first Indian company to sell masala bonds, a rupee-denominated bond sold to foreign investors and listed on an overseas exchange.

It plans to raise as much as Rs 3,000 crore.

These bonds will bear a fixed coupon and will have a incumbency period of 3 years and 1 month.

The company has named Axis Bank, Credit Suisse and Nomura as joint venture runners and lead managers to the event.

12. Cabinet approves stake sale in NBCC India:

The Centre has cleared a proposal to sell its stake in state-owned construction company NBCC India with an aim to meet the Rs. 56,500-crore PSU disinvestment target in 2016-17.

At present, the government holds 90 % in the company, which has a market capitalisation of Rs.14,274 crore.

Earlier, in May this year, shareholders had approved stock split to facilitate the FPO under the government’s disinvestment programme.

The company has split its share of Rs. 10 each into five with a face value of Rs. 2 each. The Centre will have to divest at least 15 % to meet SEBI’s public listing requirements.